A number of years ago, a previous boss told me that every...

A number of years ago, a previous boss told me that every manager needs to have a model of how they want to run their department or their business. In the corporate world, "model' can be replaced with "strategy". So BHP has a strategy of investing in "long life, low cost .... resources". So they sold diamonds and uranium and mineral sands because it did not fit the strategy. They bought into shale oil and gas because they believed it did.

Strategies should never be fixed in stone. They should be able to "morph" as circumstances change.

OZL has a strategy. The cash is part of that strategy. No where in the strategy does it say "return cash to shareholders". OZL's strategy is to create a growth profile so that it can throw off the "one trick pony" label. M&A is one way to do that. Developing C is another. The cash is there for either or both of these.

I sometimes wonder whether OZL is a copper/gold miner or a small cap resource fund manager. Selling down and returing the money to shareholders or distributing those shares to shareholders would be good.

Posters saying they want some of the OZL cash need to face reality.

HT1